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Tandem Talk — A quarterly financial podcast sharing history, insight, and market commentary from our Investment Team.

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February 2025

Episode 19— It’s Never Different “This Time”

We’re back with Episode 19 of Tandem Talk – for having nothing to say, we sure do have a lot to talk about! Tune in as we discuss the unprecedented levels of market narrowness and overconcentration investors are faced with today. What has happened to the S&P 500? Are markets changed forever? Is it really different “this time”? If history (or probability) is any indication, it’s not. Later, we revisit the “Lost Decade” of the aughts, and recount lessons learned. The takeaway is quite simple: if you invest like everyone else, during boom times you will boom, and during bust expect to bust. But hard times in the index does not mean hard times for all stocks, or all investors either.

Podcast Inquiries:

Please email Elaine Natoli at [email protected].

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Our Investment Team

John B. Carew

Founder & Chief Executive Officer
Meet John

John B. Carew

Founder & Chief Executive Officer

John Carew founded Tandem in 1990, after beginning his career in 1985 with Thomson McKinnon Securities, Inc. During his tenure, Tandem’s investment team has been nationally recognized numerous times by leading manager databases. John is a frequent guest speaker on topics including risk, low volatility, investment discipline, equity investing, and general market history and overview. John is a graduate of the University of Virginia with a Bachelor of Arts in Economics.

William “Billy” Little, Jr., CFA

Co-Chief Investment Officer & Chief Financial Officer
Meet Billy

William “Billy” Little, Jr., CFA

Co-Chief Investment Officer & Chief Financial Officer

Billy Little joined Tandem in 2006. He has been instrumental in the development of Tandem’s quantitative discipline—spearheading initiatives to systematize Tandem’s investment-related processes. As Co-Chief Investment Officer, Billy directs Tandem’s quantitative and fundamental research, and portfolio management. Billy also plays a crucial role in ensuring Tandem’s financial health and stability are maintained in his role as Chief Financial Officer, overseeing strategic decision-making and long-term financial planning. Billy began his career in the investment industry in 2004 as a Financial Advisor with Ameriprise Financial in Baltimore, Maryland. He is a regular member of the CFA Institute and past President of the CFA Society South Carolina. Billy graduated from the College of Charleston with a Bachelor of Arts in Business Administration with a concentration in Finance.

Benjamin “Ben” Carew, CFA

Co-Chief Investment Officer
Meet Ben

Benjamin “Ben” Carew, CFA

Co-Chief Investment Officer

Ben Carew joined Tandem in 2013. He manages Tandem’s trading desk, overseeing day-to-day investment operations, including trading, quantitative and fundamental research, and portfolio management. Ben also oversees Tandem’s internship program. He is a regular member of the CFA Institute and the CFA Society South Carolina. Ben currently serves as the Vice Chair for College of Charleston’s School of Business Investment Program, a student program seeking to provide the opportunity for a select group of students to distinguish themselves academically, professionally, and personally. He is a graduate of the College of Charleston’s School of Business, earning a Bachelor of Arts in Economics with a minor in Finance.

Jordan Watson, CFA, CMT

Managing Director, Investments
Meet Jordan

Jordan Watson, CFA, CMT

Managing Director, Investments

Jordan Watson joined Tandem in 2019. His duties include portfolio management, conducting quantitative and fundamental research, and assisting with Tandem’s day-to-day investment operations. In addition, Jordan assists in overseeing Tandem’s internship program. He currently serves on the Advisory Board for the College of Charleston’s School of Business Investment Program. Jordan is a regular member of the CFA Institute and the CFA Society South Carolina. Jordan graduated from the College of Charleston with a Bachelor of Science in Finance with a minor in Real Estate.

Disclaimer: Tandem Investment Advisors, Inc. is an SEC registered investment advisor.

This podcast is for informational purposes only and shall not constitute or be considered financial, tax or investment advice, or an offer to sell, or a solicitation of an offer to buy any product, service, or security. Tandem Investment Advisors, Inc. does not represent that the securities, products, or services discussed on this podcast are suitable for any particular investor. Indices are unmanaged and not available for direct investment. Please consult your financial advisor before making any investment decisions. Past performance is no guarantee of future results. All past portfolio purchases and sales are available upon request.

All performance figures, data points, charts and graphs contained in this report are derived from publicly available sources believed to be reliable. Tandem makes no representation as to the accuracy of these numbers, nor should they be construed as any representation of past or future performance.

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